U.S. power plant first sells bitcoin hash on the OTC market

by in Cryptocurrency News

power plant sells Bitcoin hash

The New York-based hybrid powerhouse Greenidge Generation has entered into its first regulated contract to sell computing power for Bitcoin mining. The buyer, who acquired a hash rate of 106 petaheshes, was an unnamed institutional investor.

Related: Bitcoin mining difficulty resumes growth after a record fall

The purpose of such contracts, according to the broker BitOoda Digital, who acted as an intermediary in the transaction, is to provide institutional investors with the opportunity to acquire large hash rate blocks in over-the-counter markets.

As noted in a press release, such regulated contracts allow investors to get bitcoins mined on Greenidge Generation equipment cheaper than market prices.

Greenidge Generation has its own gas power plant with the option of using biomass as fuel. Mining equipment uses a portion of 106 MW of power generated by the power plant on-site, without going through the meter. This method allows you to achieve lower and predictable energy costs.

At the moment, in an area of ​​650 thousand square ft. about 7,000 Atlas Holding mining units are operating, which produce about 5.5 BTC daily.

Recall that earlier this week, as a result of another recalculation, the BTC mining difficulty increased by almost 5.8% from 13.9 to 14.7 trillion hashes. You can read about this in our article.